College is awesome, right? For most of us, it’s the first time we tasted freedom. The freedom to do whatever, whenever you want.

The downside is that you have more responsibility, too, especially on financial matters. You get bombarded with credit card offers designed to put you in debt and keep you there. You may have to work to support yourself, at least partially. And your parents may no longer be doing your taxes for you.

If you’re new to taxes they can be overwhelming. Especially for college students, given the special rules and benefits you may be eligible for. Don’t worry, we’ve got you covered with this Ultimate Guide to Student Taxes. And, unless you’ve got some offshore bank account in the Cayman Islands, it’s really not that complicated.

This guide covers the following topics:

1. Do you need to file a tax return?

2. Determine if you can be claimed as a dependent by your parents

3. Student Tax Credits

4. Form 1098-T

5. Scholarships and Grants

6. Tax-free Savings Accounts

7. Student Loan Interest (Form 1098-E)

1. Do you need to file a tax return?

The short answer – if you earned any income in 2014, you should file in 2015 even if you’re not required to. Why? To get a refund! Most likely Uncle Sam withheld taxes from your paychecks. Usually he takes too much. File a return and get some of your money back! You may also be eligible for valuable tax credits. Read more about filing requirements.

2. Determine if you can be claimed as a dependent by your parents.

There is a reason almost all tax software asks if you can be claimed as a dependent early on. It impacts your taxes in important ways, especially for students. Generally, it determines who receives any education related tax benefits you may be eligible for. If your parents can claim you as a dependent, then they receive the benefits. Unfortunately, you only get these benefits if no one can claim you as a dependent on their return.

How do you know if someone else can claim you as a dependent? Most full-time students can be claimed by their parents (or other relative). The main reasons you can NOT be claimed are:

You are 24 years or older at the end of 2015 (or 19 or older if not a student), or

You provided more than half of your own financial support throughout the year. Scholarships and grants received by the student do NOT count as the student providing their own support.

That’s fair though, right? If your parents are supporting you financially, they should get the write-offs from Uncle Sam. At least that’s the way the IRS sees it.

If you like reading about taxes (ha!), we go deeper into dependents in this post. But there’s no need, TaxAct will help you determine if you can claimed as a dependent in a matter of seconds.

You or your parents may be eligible for one of these two tax credits. You may only claim one, however, not both.

If your parents claim you as a dependent, then they're eligible for one of these credits. If no one claims you as a dependent, then you maybe eligible for them.

The American Opportunity Credit (formerly The Hope Credit)

This the more valuable of the two credits and should be claimed if possible. To be eligible for it, you must be in the first four years of post-secondary school education (college, vocational school, etc.). Students taking a “victory lap” aren’t eligible and should look at the Lifetime Learning Credit instead. Here’s the rest of the 411:

You can claim up to $2,500 per eligible student, per year.

The credit covers 100% of the first $2,000 of qualified tuition, required fees, and qualified expenses, plus 25% of the next $2,000.

40% of the credit is refundable, so you may receive $1,000 per eligible student as a tax refund even if you owe no tax.

Each student for which you claim the credit must have been enrolled at least half time for at least one academic period which began during the tax year.

Qualified expenses include tuition and required fees, books, supplies, equipment, and other required course materials (but not room and board).

If your (or your parents) income exceeds $80,000 ($160,000 if married filing jointly), the credit will be gradually reduced. Income has to be under $90,000 ($180,000 if married filing jointly) to receive a credit.

Students with a felony drug conviction are not eligible for this credit.

Lifetime Learning Credit

If you do not qualify for the American Opportunity Credit, you may still be able to claim the Lifetime Learning Credit. Deets:

It applies to undergraduate, graduate, and professional degree courses, and even to post-graduate courses that help improve your job skills.

The credit is available for any and all years of post-secondary education, and also for adult and continuing education courses. There is no limit on how many years you can claim the credit.

There is no minimum enrollment requirement.

The amount of your credit will be 20% of the first $10,000 of combined post-secondary tuition and fees you paid, totaling no more than $2,000 (per year, not per student).

Qualified expenses include tuition, fees, books, supplies, equipment, and other course materials as long as they are required (room and board is not included).

The Lifetime Learning Credit is not refundable, so it will not be paid to you in a refund--it simply decreases your tax liability.

For 2015, the limit on modified adjusted gross income is $62,000 ($124,000 if married filing jointly).

4. Form 1098-T, Tuition Statement

Form 1098-T is the tax form your school will send you that documents the qualified tuition and other expenses you paid during the year. The data from this form will help us determine if you (or your parents) are eligible for the American Opportunity Credit or Lifetime Learning Credit.

It's also used to determine if you or your parents qualify for the Tuition and Fees Deduction, an "above the line" deduction (meaning you don’t have to itemize to claim it) worth up to $4,000.

5. Scholarships and Grants

Generally speaking, scholarships, fellowships, and Pell grants are considered tax-free benefits if you received them while enrolled at an eligible institution. For tax purposes, federal assistance or Pell Grants are considered scholarships. They are tax-free to you if:

You attend an accredited educational institution

You are pursuing a degree at a college or university

You use the scholarship, grant, or fellowship to pay qualified education expenses (such as tuition, fees, books, supplies, and equipment required for courses at the educational institution)

Assuming it’s tax-free, you do not need to report it on your tax return.

6. Tax-free Savings Accounts

There are two tax-free savings plans available to students and to those paying for someone's education. One of the savings plans is a state-sponsored account, the other is a special account sponsored by a bank or other financial institution. Both plans allow you to save money for college expenses and to withdraw the funds tax-free.

Qualified Tuition Programs (QTPs) - 529 College Savings Plans

A Qualified Tuition Program, or "529 Plan,” is a special state-sponsored savings account set up to pre-pay for college expenses. The owner of the 529 account can make contributions which may be withdrawn by the beneficiary when they attend college (or other eligible educational institution). The money in the account may be withdrawn tax-free if the funds are used for qualified education expenses at an eligible college, university, or other institute of higher learning.

529 Plans have no age or income restrictions for contributions or withdrawals, and the only limit on contribution amounts is that the total contributions may not be greater than the amount needed to pay the beneficiary's qualified education expenses.

The following expenses are qualified uses of funds from a 529 Plan:

Tuition

Books

Supplies required for class attendance

Computer (if required for class attendance)

Internet access (if not provided by the school, and if required for class attendance)

Room and board (if the student is enrolled at least half-time)

Special needs services

Coverdell Educational Savings Accounts - Coverdell ESAs

A Coverdell ESA is a savings account, sponsored by a bank or other financial institution, set up to pre-pay for K-12, college tuition, and other education expenses.

The savings account's beneficiary must be at least age 18 (or is a special needs beneficiary) to withdraw Coverdell funds, and must withdraw the funds before age 30 or the funds will be distributed and taxed. If the age requirements are met, the funds may be withdrawn tax-free if they are used to pay qualified education expenses. If the beneficiary turns age 30 before withdrawing the funds, they may avoid taxation by transferring the account to another qualifying relative or by rolling the ESA into a 529 Plan.

Coverdell ESAs have certain restrictions that 529 Plans do not:

Funds must be withdrawn or transferred after the beneficiary is age 18, but before age 30

Qualified expenses do not include computers or internet access

You may not contribute if your income is more than $110,000 ($220,000 if married filing jointly)

There is a maximum annual contribution of $2,000 per beneficiary (not per account and not per contributor)

The following expenses are qualified uses of funds from a Coverdell ESA (note that a computer and internet access are not covered):

Tuition

Books

Supplies required for class attendance

Room and Board (if the student is enrolled at least half-time)

Special needs services

7. Student Loan Interest Deduction

Once you graduate (or not) and start to pay back your student loans, you may be able to reduce your taxable income by up to $2,500 of the student loan interest paid. Here’s the scoop:

Your lender should send you form 1098-E, which reports the interest you paid

If your parents claim you as a dependent, then they're eligible for this deduction. If no one claims you as a dependent, then you maybe eligible for it.

To be eligible, the loan must have been taken out solely to pay qualified education expenses.

Generally, the person whose name is on the loan gets to deduct the student loan interest. This person is legally obligated to make the interest payments on the loan.

It can be taken even if you do not itemize deductions.

The student must be you, your spouse, or your dependent.

The student must have been enrolled at least half-time in a degree program

As with the credits, there are income limits. The deduction is reduced if your modified adjusted income (MAGI) is greater than $65,000 ($130,000 if married filing jointly) and you’re ineligible if you’re income is $80,000 or more ($160,000 if married filing jointly).

Hopefully you found this information helpful. Don’t worry, there won’t be a test. In fact, you don’t really need to know this stuff, because we do. TaxAct takes care of all of this for you – they ask you simple questions and take care of all the tax complexity automatically.

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Good question. But there are actually 2 questions here, so let’s break them apart.

Should I file a federal tax return?

Am I required to file a federal tax return? (Do I need to file a tax return?)

1. Should I file a tax return?

The short answer – if you earned any income in 2015, you should file in 2016 even if you’re not required to. Why? To get a refund! Most likely Uncle Sam withheld taxes from your paychecks. Usually he takes too much. File a return and get some of your money back! You may also be eligible for tax credits, like the American Opportunity Credit, the Lifetime Learning Credit, and the Earned Income Credit (EIC).

I know, filing taxes can be a pain. But TaxAct has drastically simplified tax preparation. If it only takes a few minutes to get a few hundred bucks back, why not do it? How else are you going to make that kind of money, that fast?

2. Am I required to file a tax return?

The details are below, but it’s even simpler for many young people. If you can be claimed as a dependent by another taxpayer and are under age 65, you must file a tax return if you earned more than $6,300 in 2015.

If you can't be claimed as a dependent, then you must file a return if your gross income meets a threshold based on your age and filing status.

Filing Status Age on 12/31/2015 Gross Income

Single Under 65 $10,300

65 or older $11,850

Head of Household Under 65 $13,250

65 or older $14,800

Married Filing Jointly Under 65 (both) $20,600

65 or older (one) $21,850

65 or older (both) $23,000

This is taxes so of course there are some wonky rules and special exceptions. If you want to get into the gory details, you can check out the IRS website.

All of this information applies to federal taxes, many states have slightly different rules.

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Can you be claimed as a dependent on someone else’s tax return? Can you claim your child or relative as a dependent on your taxes? Answering these questions correctly is required to do your taxes and maximize your refund. It determines who can claim an exemption on their taxes, which reduces one’s taxable income by $4,000 for each dependent in tax year 2015 (up from $3,950 in 2014). Tax dependent rules also apply to other benefits, such as tax credits like the American Opportunity Credit, the Lifetime Learning Credit, and the Earned Income Credit.

Can someone else claim me as a dependent on their tax return?

The short answer is that a relative (often your parent) can claim you as a dependent if:

You were under age 19, or 24 if you're a full-time student, at the end of 2015, and

They provided over half of your living expenses, and

You lived with them over half the year. If you're a student who is "living" near campus for school, the IRS usually counts this as living with your parents and they can still claim you as a dependent.

Some other obscure rules apply, too. If you’re masochistic you can read IRS Publication 501 for the full scoop.

Here are some common examples to help you decide:

You are a 20 year old full-time college student. You live on or near your college campus during the fall and spring semesters and with your parents during the summer. You work some throughout the year, but your parents provide more than half of your total financial support, including school expenses like tuition, fees, room and board. Your parents can claim you as a dependent.

You are a 22 year old college student (full or part time). You receive minimal to no financial support from your parents and work to put yourself through school and pay for your apartment. Your parents can NOT claim you as a dependent.

You are 23. You just graduated college and got your first full-time job. Your parents can NOT claim you as a dependent.

You are an 18 year old high school senior. You work part time through the year and live with your parents. Your parents can claim you as a dependent.

If your parent can claim you, then they get a $4,000 dependent exemption on their taxes. If no one can claim you as a dependent, then you get a $4,000 personal exemption on your taxes.

Can I claim someone else as a dependent on my taxes?

Again, the IRS rules for qualifying dependents cover every crazy situation you can think of, from housekeepers to emancipated offspring. Thankfully, most of us live simpler lives. These basic rules will cover almost everyone.

There are two types of dependents, each subject to different rules:

A qualifying child

A qualifying relative

For both types of dependents, you’ll need to answer the following questions to determine if you can claim them.

Are they a citizen or resident? The person must be a U.S. citizen, a U.S. national, a U.S. resident, or a resident of Canada or Mexico.

Are you the only person claiming them as a dependent? You can’t claim someone who takes a personal exemption for himself or claims another dependent on his own tax return.

Are they filing a joint return? You cannot claim someone who is married and files a joint tax return. Say you support your married teenaged son: If he files a joint return with his spouse, you can’t claim him as a dependent.

Qualifying Child

In addition to the qualifications above, to claim an exemption for your child, you must be able to answer "yes" to all of the following questions.

Are they related to you? The child can be your son, daughter, stepchild, eligible foster child, brother, sister, half brother, half sister, stepbrother, stepsister, adopted child or an offspring of any of them.

Do they meet the age requirement? Your child must be under age 19 or, if a full-time student, under age 24. There is no age limit if your child is permanently and totally disabled.

Do they live with you? Your child must live with you for more than half the year, but several exceptions apply.

Do you financially support them? Your child may have a job, but that job cannot provide more than half of her support.

Are you the only person claiming them? This requirement commonly applies to children of divorced parents. Here you must use the “tie breaker rules,” which are found in IRS Publication 501. These rules establish income, parentage and residency requirements for claiming a child.

Qualifying Relative

Many people provide support to their parents. But just because you mail your mother a check every once in a while doesn’t mean you can claim her as a dependent. Here is a checklist for determining whether your mom (or other relative) qualifies.

Do they live with you? Your relative must live at your residence all year or be on the list of “relatives who do not live with you” in Publication 501.

Do they make less than $4,000? Your relative cannot have a gross income of more than $4,000 and be claimed by you as a dependent.

Do you financially support them? You must provide more than half of your relative’s total support each year.

Are you the only person claiming them? This means you can’t claim the same person twice, once as a qualifying relative and again as a qualifying child. It also means you can’t claim a relative—say a cousin—if someone else, such as his parents, also claim him.

You can claim a $4,000 (in Tax Year 2015, up from $3,950 in 2014) exemption for each qualifying dependent.

This sounds complicated, but don't sweat it. TaxAct asks you all the right questions so you don't have to read IRS publications. You simply answer a few questions and they do the work to file your taxes accurately and maximize your refund.

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Looking to learn the income tax basics? First off, let’s get a few things straight. Yes, taxes kinda suck. Yes, the 16th Amendment, which ushered in the federal income tax in 1913, is a little shady. And yes, most people have no idea where their taxes actually go each year. Despite these things, everyone should know the basics about taxes because, like it or not, we gotta pay ‘em.

The infamous income tax

As its name suggests, these are taxes you pay on the money you earn. This could include money you earn at your job, interest you earn from a savings or checking account (like anyone’s earning interest these days), retirement income, and a bunch of other sources of cash I won’t go into. In the U.S. we have what’s called a progressive tax system, which means that your tax rate goes up as you earn more money. There are ways to reduce your taxes, and I’ll get to those in a minute. Suffice it to say, if you’re getting paid, Uncle Sam wants a cut. And maybe that’s not such a bad thing. Like when your taxes are used to maintain our Interstate highways, run the National Park system, and pay our hard-working servicemen and women (albeit, not enough).

Paying your taxes

Uncle Sam’s gonna get his cut, one way or another. The simplest (and most common) way to pay your taxes is through your paycheck. Each time you get paid, your employer withholds federal and state taxes and forwards the money to the government. At tax time, when you get your W-2 (or 1099s if you’re self-employed, a contractor, etc.) and fill out your forms, you either get a refund or owe more. If you get a refund, it means you overpaid on your taxes throughout the year, effectively giving the IRS an interest-free loan with your hard-earned dollar. Not the best thing in the world I suppose, but at least you get a fat check that you weren’t expecting. On the other hand, if you owe money at tax time, it means you didn’t throw in enough cash and now it’s time to pay up.

Cutting your tax bill

As I said earlier, each of us pays a certain tax rate, based on how much money we earn. Whether you’re single or married also affects your tax rate. Despite your tax rate, there are lots of things that can cut your tax bill, such as deductions, exemptions, and credits. Deductions basically reduce the amount of tax you are responsible to pay. The Standard Deduction, for example, for a single (unmarried) taxpayer is $6,100. Similarly, the personal exemption is worth $3,900 to a single taxpayer. Credits also lower your taxes, and can even give you money back in the form of a refund. The Earned Income tax Credit (EITC) is a good one. If you make less than $51,567 you probably qualify.

Doing your taxes

You’ve got some options when it comes to actually doing your taxes.

Pen and paper

The old-skool way to do your taxes is with standard pen and paper. It takes a while and a little math, but you can’t beat the price (it’s free). Grab your tax forms online from the IRS, or get them at your local post office or library.

Computer, tablet, or phone

If pen and paper aren’t your thing, there are lots of mobile, online, and software options. I’d be lying if I said I wasn’t biased to Common Form. It’s easy to use, inexpensive, and there are no hidden fees. There’s something to be said for honesty these days, and Common Form gets it. Still, there are others options out there—some quite good.

Tax service

Your other option is to hire a tax service or professional tax preparer to do the heavy lifting for you. It’s certainly less effort on your part, but you have to pay for it. Costs range from an average of $218 for a standard 1040, to $806 for an 1120 Tax Form. Of course, the peace of mind you get by not having to worry about your taxes might be incentive enough to pay top dollar to have someone else do them. That’s up to you.

Didn't file your 2013 taxes by April 15, 2014? No worries, we'll let you in on an industry secret – if you're getting a refund, you can file for up to 3 years with no late fees or penalties! If you owe, your penalties are racking up so file your return as soon as possible to stop the clock on them. Either way, it's not too late to file your 2013 taxes. Read more about your specific situation below.

If you owe additional 2013 taxes:

There is no penalty if you filed an extension and paid 90% or more of taxes owed by April 15, 2014 as long as you file your return by October 15, 2014.

A late filing penalty applies if you owe taxes and didn't file your return or an extension by April 15, 2014.

The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%.

The late filing penalty is 10 times higher than the late payment penalty. If you can't pay your tax bill and didn't file an extension, at least file your return as soon as possible! You can always amend it later.

A late payment penalty applies if you didn't pay 90% or more of taxes owed by April 15, 2014, whether you filed an extension or not.

The late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%.

If you're not sure if you owe or are getting a refund in 2013:

If there's a chance you owe, the penalties are racking up, so don't wait another day.